First Interstate BancSystem, Inc. $FIBK Shares Sold by Massachusetts Financial Services Co. MA

Key Points

• Massachusetts Financial Services Co. trimmed its stake in First Interstate BancSystem by 3.5%, selling 48,068 shares and leaving 1,340,686 shares (about 1.30% ownership) valued at $46.39 million at quarter-end.
• First Interstate reported Q4 EPS of $1.08, beating the $0.64 consensus while revenue missed at $205.1M (vs. $256.9M expected) but was up 19.8% year-over-year; the bank also declared a quarterly dividend of $0.47 (annualized $1.88) for a 5.5% yield.
• Analysts are mixed with an average rating of "Hold" and an average target of $38 after several downgrades, while the stock trades at a PE of about 11.6 and a market cap near $3.46 billion.

Massachusetts Financial Services Co. MA cut its position in First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) by 3.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,340,686 shares of the financial services provider's stock after selling 48,068 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.30% of First Interstate BancSystem worth $46,388,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Alliancebernstein L.P. increased its stake in shares of First Interstate BancSystem by 0.4% in the third quarter. Alliancebernstein L.P. now owns 108,600 shares of the financial services provider's stock worth $3,461,000 after acquiring an additional 397 shares during the period. GAMMA Investing LLC increased its stake in shares of First Interstate BancSystem by 49.6% in the fourth quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider's stock worth $54,000 after acquiring an additional 516 shares during the period. Inspire Investing LLC increased its stake in shares of First Interstate BancSystem by 5.6% in the third quarter. Inspire Investing LLC now owns 14,239 shares of the financial services provider's stock worth $454,000 after acquiring an additional 757 shares during the period. Arizona State Retirement System increased its stake in shares of First Interstate BancSystem by 3.0% in the third quarter. Arizona State Retirement System now owns 26,369 shares of the financial services provider's stock worth $840,000 after acquiring an additional 763 shares during the period. Finally, Bayforest Capital Ltd increased its stake in shares of First Interstate BancSystem by 11.9% in the third quarter. Bayforest Capital Ltd now owns 7,227 shares of the financial services provider's stock worth $230,000 after acquiring an additional 769 shares during the period. 88.71% of the stock is owned by institutional investors and hedge funds.

First Interstate BancSystem Stock Down 0.6%

FIBK stock opened at $34.25 on Wednesday. The firm has a market cap of $3.46 billion, a PE ratio of 11.61 and a beta of 0.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.72 and a current ratio of 0.72. The firm's fifty day moving average is $34.97 and its 200 day moving average is $34.19. First Interstate BancSystem, Inc. has a one year low of $24.76 and a one year high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 EPS for the quarter, beating the consensus estimate of $0.64 by $0.44. The company had revenue of $205.10 million for the quarter, compared to analyst estimates of $256.89 million. First Interstate BancSystem had a net margin of 21.40% and a return on equity of 8.83%. The firm's revenue was up 19.8% on a year-over-year basis. During the same quarter last year, the business earned $0.50 earnings per share. On average, research analysts forecast that First Interstate BancSystem, Inc. will post 2.53 EPS for the current year.

First Interstate BancSystem Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Tuesday, February 10th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend was Tuesday, February 10th. First Interstate BancSystem's dividend payout ratio (DPR) is presently 63.73%.

Analysts Set New Price Targets

FIBK has been the topic of a number of research reports. UBS Group lowered shares of First Interstate BancSystem from a "neutral" rating to a "sell" rating and cut their price objective for the stock from $38.00 to $35.00 in a research note on Tuesday, April 7th. Barclays dropped their target price on First Interstate BancSystem from $38.00 to $36.00 and set an "equal weight" rating on the stock in a report on Friday, January 30th. DA Davidson reaffirmed a "buy" rating and set a $42.00 target price on shares of First Interstate BancSystem in a report on Thursday, January 29th. Piper Sandler dropped their target price on First Interstate BancSystem from $44.00 to $41.00 and set an "overweight" rating on the stock in a report on Thursday, April 2nd. Finally, Stephens lowered First Interstate BancSystem from an "overweight" rating to an "equal weight" rating in a report on Thursday, February 5th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, First Interstate BancSystem presently has an average rating of "Hold" and an average target price of $38.00.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

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